TRADITIONAL THERAPY CLINICS LIMITED (TTC)

liquidators advise they have received notification that ASIC has decided not to fund further investigations into the affairs of the Company and its officers - they are now seeking interest from any creditors and/or shareholders to fund the investigations and/or acquire the Company's assets, being its shareholdings in China Fuqiao Healthcare Industry (Hong Kong) Limited, a company incorporated in Hong Kong - accordingly, they are still unable to make a loss declaration pending the outcome of the above

Daniel Johannes Bredenkamp Joint Liquidator and Bryan Kevin Hughes Joint Appointees of Pitcher Partners as liquidators

delisted from Monday, 17 December 2018 pursuant to Listing rule 17.12.

we understand this company failed and ASX removed the company from listing due to its failure to lodge financial statements and respond to a long list of ASX queries

The administrators provided creditors with a notice of meeting. The notice of meeting was accompanied by the report by the administrators about the company's business, property and affairs and financial circumstances. The Voluntary Administrators' Report was prepared with the view that the Administrators would recommend a recapitalisation deed of company arrangement, which would have involved undertaking further investigations into the Company's affairs whilst preserving the value of the TTC's listing on the Official List. However, the Administrators received notice late yesterday that the Australian Securities Exchange would be removing TTC from the Official List of ASX from the commencement of trading on Monday 17 December 2018. Due to the time constraints in issuing the Voluntary Administrators' Report, the Administrators issued the report together with a circular advising same and recommending the meeting be convened, and then adjourned for up to 45 business days in accordance with rule 75-140 of the IPR.

The first meeting of creditors of the Company was held at the office of Pitcher Partners in Perth on Wednesday 28 November 2018. At the meeting the creditors ratified the appointment of the Administrators and elected not to appoint a Committee of Inspection. The Administrators are currently assessing the Company's operations in order to determine the best strategy for realising maximum value from them for the benefit of its stakeholders.

The administrators advise that the company has relied on deferral relief under the ASIC Corporations Instrument 2015/251 which provides relief in respect of the Company's obligation to prepare, lodge and have audited its half-year financial report and directors' report in respect of the period ending 30 June 2018 and its full-year financial report and directors' report in respect of the period ending 31 December 2018 for a period of up to six months from the date of the Administrators' appointment.

The administrators have assumed control of the company's assets and operations and will work with the board of directors during the administration period to maximise the outcome for all stakeholders of the company. Whilst TTC is in administration the shares will remain suspended. Shareholders are also unable to transfer their shares during this time.

The board had appointed Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher Partners as joint and several voluntary administrators of the above company.

we note on this date at about the same time the board of this company appointed two new directors (Grace Zhang and Tiger Tang) and administrators (Daniel Johannes Bredenkamp and Bryan Kevin Hughes of Pitcher Partners) - it makes you wonder just what goes on around the board table of some of these companies

The auditors also noted that the half year report could not be finalized within time because the auditors could not obtain to their satisfaction an independent confirmation from TTC's bank in China to support the Company's true cash at bank balance as at 30 June 2018. The auditors first brought this to the attention of the Company on 30 August 2018. The auditors proposed on 3 September 2018 a template for a new confirmation procedure for independent confirmation of true cash at bank which required authority from, but no participation by, TTC management. The Company's management has not provided this authority.

The company issues a response to ASX Query.

The securities of the company will be suspended from Official Quotation in accordance with Listing Rule 17.5 from the commencement of trading today, 3 September 2018, following failure to lodge the relevant periodic report for the period ended 30 June 2018 by the due date.

listed entity carried for record purposes only